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Zogaib, Loles Sentenced to Prison Terms

Henri Zogaib, Greg Loles sentenced to prison terms for Ponzi schemes…

Photo: Brian Cleary/

Photo: Brian Cleary/

A former sports car racing driver and team owner have been sentenced to prison terms this week following separate charges in Florida and Connecticut courts.

Henri Zogaib (pictured, above), a former GRAND-AM race winner, was sentenced Thursday to 15 years in state prison after pleading guilty to a first-degree felony regarding white-collar crime.

The 40-year-old, who stood before Judge Hutcheson at the Volusia County Courthouse this morning, was first arrested in 2010 on charges of operating a Ponzi scheme that impacted a number of people within the the motorsports industry, including former co-driver Ryan Dalziel, team owner Peter Baron, as well as J.C. France and A.J. Allmendinger.

Zogaib pled guilty in December to the charges and did not go on trial as a result. His sentence also includes 15 years of probation following his prison term, as well as immediate restitution to affected parties, including Dalziel and his father, who had invested $550,000 with Zogaib.

Court documents show there were a total of 33 investors involved in Zogaib’s Ponzi scheme. There have also been three civil suits against Zogaib.

Dalziel and Zogaib won the GRAND-AM race at Mazda Raceway Laguna Seca in 2008, driving a SAMAX Riley-BMW DP. The Peter Baron-led team was forced to close up in 2009 before returning under the Starworks Motorsport banner the following year.

Gregory Loles, meanwhile, was sentenced Wednesday to 25 years in federal prison for mail, wire and securities fraud as well as money laundering, according to the U.S. Attorney’s office.

Loles, who was a co-owner in the Farnbacher Loles Porsche team that competed in the American Le Mans Series and Rolex Sports Car Series, was arrested in 2009 on charges of embezzling more than $2 million from St. Barbara’s Greek Orthodox Church in Orange, Conn.

According to the New Haven Register, Loles defrauded more than 50 victims for an estimated total of more than $27 million, including $14 million from a single family in Greece.

Loles, 54, has been incarcerated since Dec. 15, 2009, will receive credit for his time already served. He was the majority owner of Farnbacher Loles Racing and various other automotive-related businesses, which had shuttered operation following his arrest.

John Dagys is the founder and Editor-in-Chief of Sportscar365. Dagys spent eight years as a motorsports correspondent for and SPEED Channel and has contributed to numerous other motorsports publications worldwide. Contact John


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